2026 年 3 月 31 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 超配（维持） 液冷需求加速释放，关注上游高价值环节 深 度 研 液冷行业深度报告 申万计算机指数走势 证 券 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 罗炜斌 SAC 执业证书编号： 产业与政策共振，液冷散热有望加速渗透。AI驱动全球算力需求爆发， 推动高性能芯片（包括GPU和ASIC）功耗及单机柜功率密度持续攀升， 传统风冷已难满足相关散热需求，具有更高散热效率的液冷成为必选方 案。英伟达新一代AI计算平台Rubin NVL72系统采用100%全液冷设计， 为行业确立新的技术标杆，液冷技术有望加速渗透。与此同时，在"双 碳"宏观形势下，政府部门对数据中心PUE监管日益趋严，明确提出新 建及改扩建大型和 ...

XLC Is Down 8.78% Year to Date and the Catalysts That Matter Most Are Still Ahead - 24/7 Wall St. S&P 5006,399.00 +0.78% Dow Jones45,626.70 +0.80% Nasdaq 10023,128.00 +0.75% Russell 20002,442.83 +1.20% FTSE 10010,201.40 +1.19% Investing XLC Is Down 8.78% Year to Date and the Catalysts That Matter Most Are Still Ahead By Michael WilliamsPublished Mar 31, 7:00AM EDT Follow 24/7 Wall St. on Google This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation ...

Market Overview - The first quarter of 2026 has seen a decline in most client portfolios, although they have outperformed the SP500 by nearly 1% [2] - The SP500 is down 4.7% year-to-date, while the Bloomberg Bond Index has decreased by 0.7% [3] - Geopolitical tensions, particularly U.S. involvement in Venezuela and the conflict with Iran, have contributed to market volatility [3][16] Geopolitical Events - The U.S. military action against Iran began on February 28, 2026, creating ongoing market uncertainty [3] - The appointment of Kevin Warsh as the Chairman of the Federal Reserve has impacted gold prices, which initially surged over 20% but have since stabilized with a 2% increase year-to-date [5][6] Sector Performance - AI developments have caused significant disruptions in the software industry, with companies like Monday.com and HubSpot experiencing sell-offs of up to 50% [4] - Notable stock performances include Nextpower (+36%), Oneok (+22%), and GE Vernova (+37%), driven by strong earnings and demand for renewable energy [9][10][11] - Conversely, Microsoft has seen a decline of 20%, attributed to industry shakeouts despite strong financial results [12] Energy Market Dynamics - The war in Iran has led to increased oil prices, with predictions of future prices ranging from $60 to $80 per barrel [24] - The conflict has disrupted oil supply routes, particularly through the Strait of Hormuz, affecting global energy markets [20][21] - The combined impact of the Venezuelan and Iranian conflicts could lead to sustained increases in oil prices, potentially raising inflation and slowing economic growth [25] Investment Strategy - The company has adopted a conservative investment strategy, reducing exposure to stocks and long-term bonds while increasing short-term bond holdings [46] - Fixed income remains a foundation for client portfolios, with a focus on high-quality, short-term investments yielding attractive returns [48] - In equities, the company emphasizes strong holdings in technology and energy sectors, while hedging against market risks [52][58] Key Holdings - Nvidia is highlighted as a leading company in AI chip manufacturing, with significant revenue growth expected [65] - NextPower's innovative solar technology positions it well in the renewable energy sector [66] - Vertex Pharmaceuticals is recognized for its leadership in cystic fibrosis treatments and potential expansion into new markets [68] - GE Vernova is noted for its critical role in energy generation, with a backlog of orders extending through 2028 [71]

Data is the fuel that keeps Wall Street's engine turning. Unfortunately for investors, the amount of data they need to digest can be overwhelming. Between earnings reports and economic data releases, it's easy for something to slip through the cracks.For example, Feb. 17 marked the deadline for institutional investors with at least $100 million in assets under management to file Form 13F with the Securities and Exchange Commission. A 13F allows investors to track which stocks Wall Street's savviest money ma ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

作者｜冬梅 "我现在处于震惊和恐慌之中。" 这是帖子的开头。没有铺垫，没有背景说明，只有一句情绪几乎溢出屏幕的自白。 开发者 Gemini 账户被盗， 48 小时损失 57 万 在 Reddit 发帖的人，是一家位于墨西哥的初创公司联合创始人，公司只有三名开发者，规模很小， 每月在谷歌云服务上的正常支出大约 180 美元。对他们来说，云账单是一项可控成本，是创业早期 可以精确计算的变量。 但 2 月 11 日至 12 日这 48 小时，一切都失控了。 在这两天里，他们的 Google Cloud API 密钥被盗用。具体怎么发生的，他们至今不清楚。"我们不知 道是怎么回事，也没有发现明显的错误。"他说。 但账单记录非常清晰：总额 82,314.44 美元（约合人民币 57 万） 。几乎全部来自两项服务—— Gemini 3 Pro 图像与 Gemini 3 Pro 文本。 但让他难以理解的，不只是费用归属问题，而是整个系统的风控逻辑。 在他看来，这 82,000 多美元并不是"正常波动"，而是明显的异常滥用行为。48 小时内，从月均 180 美元的基线，暴涨到 8.2 万美元，系统却没有触发任何强制停止机制。 ...

RT nic carter (@nic_carter)Many are wondering "what Google saw" that caused them to revise their post-quantum cryptography transition deadline to 2029 last week. It was this:https://t.co/dQtmTK9pdz ...

有观点认为，新技术"TurboQuant"将影响存储器的需求动向 Google Research公布了名为"TurboQuant"的算法。这是在AI推理时压缩处理数据的技术，在使用相同计 算平台的情况下，推理时的部分处理性能最多可提高至8倍。有观点指出"这项技术就像 DeepSeek一 样"…… 美国谷歌发布的AI（人工智能）相关算法正备受关注。该技术可以将AI在推导答案的"推理"过程中使用 的内存占用减少到六分之一。也有观点认为，这将影响随着AI普及而持续增加的存储芯片的需求动 向。 处理性能提高至8倍 谷歌的研究机构Google Research于3月24日公布了名为"TurboQuant"的算法。这是在推理时压缩处理数 据的技术，可将内存占用减少至六分之一以下。据介绍，在使用相同计算平台的情况下，推理时的部分 处理性能最多可提高至8倍。 TurboQuant的论文于2025年4月在评审前论文的投稿网站上公开。该论文被将于2026年4月举办的国际学 会采纳，Google Research在官网上重新公开了详细内容，引起人们的关注。 应用范围十分广泛。AI在生成文章时，会将上下文作为短期记忆保存、参考并生成 ...

If there was only one artificial intelligence (AI) stock I could buy and hold for the long term it would be Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG). Best of all, the stock is on sale, having pulled back from its highs, and now trades at a forward price-to-earnings (P/E) ratio of just 24 times this year's analyst estimates and 20.5 times the 2027 consensus. With $5,000, you can buy around 18 shares of one of the companies best positioned for the AI age moving forward. Will AI create the world's first tril ...

Smartphone displaying Alphabet logo in front of a sharply declining stock chart, highlighting tech stock downturn. Key Points Alphabet fell close to 9% last week but remains the top-performing Magnificent Seven stock over the past 12 months, as well as the only one trading well above its 200-day SMA. The TurboQuant AI memory compression announcement and YouTube litigation ruling rattled investors, but neither appears to threaten Alphabet's core business or its long-term AI leadership position. GOOGL ...